Commenting on ONS data that showed no growth in GDP in July 2024, following no growth in June, Anna Leach, Chief Economist at the Institute of Directors, said:

“The economy was disappointingly flat in July, against expectations of growth. Although sporting events helped lift activity in consumer-facing sectors, declines in other sectors wiped out overall growth.

“Consumer spending this year should continue to be supported by some headwinds having abated, particularly inflation and interest rates, as well as beneficial tailwinds from strong household balance sheets and low unemployment. The outlook for business investment, however, is rather more uncertain.

“It is important that the forthcoming Budget delivers a strong and positive message on growth. To reinforce business confidence to grow and invest, businesses need a predictable and efficient tax system, and growth-supporting policies. The forthcoming business tax roadmap and industrial strategy should help provide some of the necessary confidence to business, and we look forward to engaging on the detail.”